CNBC's Kate Kelly discusses the future of mortgage giants Fannie Mae & Freddie Mac amid a bi-partisan deal on Capitol Hill to phase out the two lenders and what big hedge funds stand to get hit the hardest.

The leaders of the Senate Banking Committee on Tuesday announced an agreement on legislation to wind down government-owned mortgage financiers Fannie Mae and Freddie Mac, jump-starting a long-standing debate that could still take years to resolve.